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Breaking: Trump Waives Russia Sanctions and Tariffs Days Before They Take Effect
Trump signed an executive order Oct 16 waiving Russia sanctions and up to 100% tariffs from the Graham Act days before they were to take effect.
President Trump signed an executive order Friday waiving many of the Russia sanctions, restrictions, and duties that were scheduled to take effect within days — including tariffs of up to 100% on goods from the world's biggest buyers of Russian oil and gas. Trump told Congress the waiver was issued in the national interest, according to the order released by the White House. Reuters reported the move late Friday.
What we know
- What was waived. The order suspends sanctions, restrictions, and duties under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, a law Trump signed in mid-September whose primary congressional backer was the late Senator Lindsey Graham.
- What the law would have done. It would have imposed tariffs of up to 100% within 30 days on all goods entering the US from the five largest importers of Russian crude oil or gas — countries including India and China, which have both raised concerns — as well as any country that knowingly kept buying Russian oil or gas after the law took effect.
- The timing. The measures were due to kick in this weekend, roughly October 18. The waiver was signed just before they would have taken effect.
- The justification. Trump's order said he had certified to Congress that issuing the waiver now is "in the national interests of the United States."
- The fuel-price backdrop. Reporting on the move notes the administration has been trying to hold down diesel costs — diesel futures have been trading far above crude, and Brent pushed past $110 a barrel Friday amid attacks on shipping near the Strait of Hormuz and strikes on Russian refineries.
What's unconfirmed
- How long the waiver lasts. The administration keeps the authority to revisit the decision — the tariffs could come back if officials decide further action is warranted.
- Whether pump prices actually move. The waiver removes a looming cost shock rather than adding supply, so any relief at the pump depends on crude prices, refining, and how quickly buyers and traders react.
- License details beyond the headline. Trade outlets report that related Treasury licenses covering Lukoil's retail stations outside Russia run through April 2027, but the full license terms are still being parsed.
Why it matters
A tariff of up to 100% on goods from major economies like India and China, imposed over the weekend, would have jolted import prices and supply chains — the kind of shock that eventually shows up in what you pay for goods and fuel. Waiving it before it started takes that scenario off the table for now. It doesn't cut prices on its own, but it removes a cliff edge right as oil is spiking. Watch what comes next: the administration can re-impose the measures, and oil headlines out of the Gulf and Ukraine will keep doing the heavy lifting on energy costs.
Sources: Reuters.